What Being In Business Really Means
One of the most iconic books for small business entrepreneurs, The E-Myth, highlighted the phenomenon of entrepreneurs mistaking having good technical skills with having a good business. In his book, Michael Gerber calls this the “entrepreneurial seizure” phenomenon.
Yes you may be a good jeweller, dentist, stockbroker, builder or photographer but having a particular skillset does not automatically qualify you to having a successful business. Running a business however is a specialised skillset of its own and must be learnt like any other skill.
The 4 Cornerstones of A Successful Business Are:
1. Your Knowledge
The knowledge that you have acquired through life experiences forms the basis for anything that you want to achieve in your business. Successful people are not more successful than you because they are smarter, they are successful because they know more. They have educated themselves about the rules of running a business and making money in the school of life.
2. Your Marketing
Nothing moves on this planet without being sold. Whether what is being sold is a product or an idea, it requires someone to sell. A simple product can monopolise the market purely on the strength of a marketing campaign. Good marketing enables your business to have a competitive advantage as it is something that is not easily replicatable.
3. Your People
Your people are your greatest resources. It isn’t your brand, your equipment or your products but your people that drive your business. Look after your people, your people will look after your customers, your customers will look after your business and your business will look after you. It’s that simple.
3. Your Systems
McDonald’s is not the number one restaurant in the world because they have the best tasting burgers. They are the number one restaurant because they have the best business systems. By implementing systems in your business, you can transition from being paid for your time to being paid for your ideas.
These four cornerstones are what being in business really means. By harnessing the competitive advantages that you have in your knowledge, your marketing, your people and your systems, you will be well on your way to building a real business.
Posted on September 30, 2011 in News by Oliver Barany